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Daily analysis of Silver for November 20, 2015

Overview
The EMA50 continues forming good resistance barrier against the silver price's attempts. It keeps the bearish bias valid on an intraday and short-term basis, waiting for testing the previously recorded low at 13.96 as a next main station. Stochastic offers a negative signal now, which supports extending of the bearish trend towards 13.50 followed by 13.00 areas. Holding below the 14.85 level is important to achieve the suggested targets. The silver price hovers around the EMA50 keeping its stability below to keep the negative pressure valid on an intraday and short-term basis. Its targets begin at 13.96 and extend to

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Japan Manufacturing Growth At 20-Month High

Japan's manufacturing activity expanded at the fastest pace in twenty months in November, as output growth quickened, the latest flash survey from Markit Economics showed Tuesday. The Markit/ Nikkei Manufacturing Purchasing Managers' Index, or PMI, rose to 52.8 in November from 52.4 in October. A score above 50 indicates expansion in the sector. Manufacturing output cotniuned to grow sharply in November and the latest rate of increase was the fastest since March 2014. At the same time, new orders rose at a slower rate in November, while growth in exports orders accelerated to a five-month high. On the price fornt, input prices climbed at the fastest rate in four months, although inflation remained historically muted. The final manufacturing PMI figures will be published on 1st December


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Daily analysis of GBP/USD for November 24, 2015

The pair is extending losses below the 200 SMA, as we can see on the H1 chart. Currently, the support level of 1.5100 should be challenged in order to reach another low towards the zone of 1.5062. This moving average is also pointing to the downside, so bears are still getting favored by the main bias. The MACD indicator is reaching the neutral territory and that is why we should be aware of future sideways short-term moves.

H1 chart's resistance levels: 1.5142 / 1.5205
H1 chart's support levels: 1.5100 / 1.5062

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.5100, take profit is at 1.5062, and stop loss is at 1.5138.

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Daily analysis of USDX for November 26, 2015

On H1 chart, USDX tried to consolidate again above the 100.00 price zone, but the Index is trying to correct the current rally towards the 200 SMA around the support level of 99.25. If USDX does a rebound above it, then we could see another rally above the 100.24 level in the short term. That moving average is slightly bullish, but MACD indicator is on the negative territory.

H1 chart's resistance levels: 99.80 / 100.24
H1 chart's support levels: 99.25 / 98.82

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 99.80, take profit is at 100.24, and stop loss is at 99.37.

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Technical analysis of EUR/USD for November 27, 2015

Overview:
The EUR/USD pair is still trading between the levels of 1.0674 and 1.0587. The level of 1.0674 will indicate strong resistance; moreover, the pair is likely to find minor support level of 1.0587. Therefore, it will be quite profitable to sell at 1.0674 again (short term) with the first target at 1.0587, then it will continue towards 1.0565. Also, it should be noted that strong support was found at 1.0528 in the H1 chart. On the other hand, if the pair closes above the resistance level, then the best location for placing a stop loss is seen above 1.0674. In addition, please be aware that the trend has broken the daily support 1 and 2, for that it calls for a bearish market. Equally important is that the RSI and the Moving Average (100) are still calling for a downtrend from the area of 1.0680.

Trading recommendations: The area of 1.0680 has marked a strong support spot for that it will of the wisdom to go short below the level of 1.0680 with targets at 1.0587, 1.0565, and 1.0530. However, the stop loss should be place at 1.0696.

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Technical analysis of USD/CHF for December 02, 2015

The USD/CHF pair is expected to trade with a bullish above 1.0245. The pair is now trading sideways within an intraday range, but stands firmly above its key support at 1.0250, which has been tested for at least 4 times. The intraday relative strength index is mixed calling for caution. We should keep a close eye on the threshold at 1.0245, as long as it is not broken, look for a technical rebound to 1.0330 and 1.0370.

Trading recommendations: The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 1.0330 and the second target at 1.0370. In the alternative scenario, short positions are recommended with the first target at 1.0220 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 1.0195. The pivot point is at 1.0260.

Resistance levels: 1.0330 1.0370 1.0410
Support levels: 1..0220 1.0195 1.0170

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Global macro overview

Global macro overview for 04/12/2015:
The Non Farm Payrolls release is scheduled for 1:30 pm GMT today . Market participants expect quite nice improvement in number of jobs created: 271 K is expected versus 201 K month before. Moreover, the average hourly earnings are forecasted to rise from 0.2% to 0.4%. The unemployment rate should stay unchanged at the level of 5.0%. Please notice this jobs report is the last one before the Federal Reserves opportunity to raise rates on December 16. If the numbers come in in line or better then expected, the Fed will have green light to raise the short-term interest rates at its next meeting.
The US dollar index declined yesterday to the support level of 98.34 and broke slightly below it. The next support is seen at the level of 97.82.

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Daily analysis of Silver for December 09, 2015

Overview
The silver price continues fluctuating near the previously breached minor bearish channel's resistance level, keeping its stability above this level. It keeps the bullish trend scenario valid and active for today. It depends on the stability above the 13.96 level, while its main target is located at 14.85. Remember to monitor the price behavior when reaching any of the above-mentioned levels as breaching the 14.85 level will lead the price to achieve more gains. Breaking of 13.96 represents the key of resuming the main bearish trend, which next targets are located at 13.50 then 13.00. On the other hand, you should take into consideration that breaking of the 13.96 level will stop the suggested rise and push the price to decline again.

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Technical analysis of Gold for December 10, 2015

Technical outlook and chart setups:
Gold is trading around $1,072.00/73.00 now looking for an opportunity to drop lower to the levels of $1,060.00/62.00 before resuming its previous rally. Please note that Fibonacci 0.618 support of the rally between $1,045.00 and $1,090.00 also falls around the levels of $1,060.00. Furthermore, the immediate resistance line turned support. It is recommended to exit short positions and remain flat now. Look for an opportunity to go long around the levels of $1,060.00/62.00with risk below $1,045.00. Immediate support is seen at $1,060.00 followed by $1,045.00, while resistance is seen at $1,090.00.

Trading recommendations: Exit short positions and remain flat now. Look for an opportunity to initiate long positions around the levels of $1,060.00 with stop at $1,042.00, a target is open.

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Daily analysis of GBP/USD for December 14, 2015

The GBP/USD pair is forming a higher high pattern above the support level of 1.5181, after a bullish consolidation performed above the 200 SMA on the H1 chart. However, the pair is trying to do some consolidation moves in a slow bias, so we should be aware of any deeper pullbacks that could make this pair to test the support level of 1.5122. The MACD indicator is at the positive territory.

H1 chart's resistance levels: 1.5238 / 1.5302
H1 chart's support levels: 1.5181 / 1.5122
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5238, take profit is at 1.5302, and stop loss is at 1.5178.

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Elliott wave analysis of EUR/JPY for December 15, 2015

Wave summary:
An anticipated correction in wave b seems to end just before the 50% corrective target at 132.11 (the low of 132.48), a breakout above minor resistance at 133.34 will be the first good indication that wave b is over, while a breakout above resistance at 133.77 will be needed to confirm that wave b is over and wave c is headed higher towards at least 135.34 and even 136.69. Support is found at 132.80 and should protect the downside for a breakout above 133.34. Trading recommendation: We will buy at 132.90 or upon a breakout above 133.77 with stop at 132.40.

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Daily analysis of USDX for December 16, 2015

On the H1 chart, the USDX is preparing to do a pullback at the 200 SMA, because of the current weakness, but bear in mind the index could try an intraday consolidation above the 200 SMA to face resistance in the zone of 98.80. In another scenario, a pullback can send the USDX to visit the support level of 97.01. The MACD indicator is overbought.

H1 chart's resistance levels: 98.14 / 98.80
H1 chart's support levels: 97.60 / 97.01

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX breaks with a bearish candlestick; the support level is found at 97.60, take profit is at 97.01, and stop loss is at 98.21.

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Technical analysis of GBP/USD for December 17, 2015

Overview:
The resistance is seen at the level of 1.5034, and a double top is placed at 1.5062 in the H4 chart. Also, it should be noted that the daily pivot point had already placed at 1.5034 in the same time frame. Consequently, the descending movement will probably be lower than the level of 1.5034 with a targets at 1.4894 in order to try breaking a double bottom. If the pair is able to break the double bottom at 1.4894, it will continue moving towards the levels of 1.4854 (support 2). On the contrary, the support was already found at 1.4854. Furthermore, it should be noted that it will rather profitable to buy above this level to retest this level in the long period. Therefore, buy deals are recommended above the level of 1.4854 with targets at 1.4903 and 1.5033 to retest the support from below again.

General idea about the pivot point. Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets as the prices are most likely to be located between resistance 1 and support 1. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support, it is likely to result in a significant price movement.

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Daily analysis of USDX for December 18, 2015

It seems that the index is trying to consolidate above the 200 SMA for a bullish ride in a short-term basis. However, because of this, the USDX could start to pullback towards the support level of 98.80, where a rebound can happen. It should be noted also that there is a higher high pattern formation ongoing in the H1 chart. The MACD indicator is entering at the negative territory.

H1 chart's resistance levels: 99.19 / 99.48
H1 chart's support levels: 98.80 / 98.14

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks the bullish resistance level at 99.19, take profit is at 99.48, and stop loss is at 98.86.

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Daily analysis of GBP/USD for December 22, 2015

No major changes in GBP/USD in Monday's session and during the Christmas week. The support zone of 1.4852 is still a strong level where buyers remain active on a short-term basis. However, we can expect a rally towards the resistance level of 1.4962 as part of the corrective moves within the current intraday's trend. MACD indicator is on the negative territory.

H1 chart's resistance levels: 1.4918 / 1.4962
H1 chart's support levels: 1.4852 / 1.4802

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4852, take profit is at 1.4802, and stop loss is at 1.4904.

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Daily analysis of GBP/USD for January 04, 2016

According to the H1 chart, GBP/USD is doing a strong bearish consolidation below the 1.4802 level, after a sideways range move before the New Year's eve. Currently, we can expect a decline below the 1.4702 level, which would open the doors to test the 1.4608 level on a short-term basis. The 200 SMA in this time frame is still pointing to the downside. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 1.4802 / 1.4918
H1 chart's support levels: 1.4702 / 1.4608

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is 1.4702, take profit is at 1.4608, and stop loss is at 1.4793.

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Daily analysis of USD/JPY for January 05, 2016

Overview
A strong break of the 129.66 support confirmed resumption of a whole decline from 141.04. Intraday bias remains on the downside for the moment. A break of lower channel support (now at 128.56) will indicate downside acceleration and target a test at the 126.09 key support level. On the upside, movements above 130.16 minor resistance will turn bias neutral and bring consolidations. But the near-term outlook will stay bearish as long as the 134.58 resistance holds. We expect more range trading between 126.09 and 149.76 in the medium term. Then it should be followed by an upside breakout at a later stage. Nonetheless, a break of 126.09 would extend the correction towards 61.8% retracement at 115.36.
Daily Pivots: (S1) 128.45; (P) 129.60; (R1) 130.54

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Technical analysis of EUR/USD for January 06, 2016

When the European market opens, some economic news will be released such as PPI m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, Spanish Services PMI.The US will release the economic data too such as the FOMC Meeting Minutes, Crude Oil Inventories, Factory Orders m/m, ISM Non-Manufacturing PMI, Final Services PMI, Trade Balance, ADP Non-Farm Employment Change, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.0797.
Strong Resistance:1.0791.
Original Resistance: 1.0780.
Inner Sell Area: 1.0769.
Target Inner Area: 1.0744.
Inner Buy Area: 1.0719.
Original Support: 1.0708.
Strong Support: 1.0697.
Breakout SELL Level: 1.0691.

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Daily analysis of EUR/JPY for January 07, 2016

Overview
The outlook for the EUR/JPY pair is unchanged for the moment. While further fall is expected, we stay cautious about the strong support from 126.09. A break of the 129.66 support turned into resistance will indicate short-term bottoming and turn bias back to the upside for the 134.58 resistance. However, a decisive break of 126.09 will extend the larger decline from 149.76. The strong rebound after failing to sustain below 38.2% retracement of 94.11 to 149.76 at 128.50 points to the development of a sideways pattern. We expect more range trading between 126.09 and 149.76 in the medium term. An upside breakout should follow it at a later stage. Nevertheless, a decisive break of 126.09 would extend the correction towards the 61.8% retracement at 115.36.

Daily Pivots: (S1) 127.09; (P) 127.63; (R1) 128.25

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Technical analysis of NZD/USD for January 08, 2016

NZD/USD is expected to trade in a lower range as the key resistance is at 0.6665. The pair remains under pressure below its key resistance at 0.6665, and it seems likely to post a new decline to test its support at 0.6590, representing the previous swing low. A break below this threshold would trigger a new pullback to 0.6560. The relative strength index lacks upward momentum. To sum up, as long as 0.6665 holds on the upside, look for 0.6580 and 0.6560 in extension.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6590. A break of that target will move the pair further downwards to 0.6560. The pivot point stands at 0.6660. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6710 and the second target at 0.6760.

Resistance levels: 0.6710, 0.6760, 0.6790
Support levels: 0.6580, 0.6560, 0.6525

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Elliott wave analysis of EUR/NZD for January 11, 2016

Wave summary:
Our count continues to work perfectly and we have already seen resistance at 1.6748 tested, but not yet broken clearly. However, it should just be a matter of time before the break above the resistance at 1.6748 is seen for a continuation higher towards 1.7133 as the next major upside target.
In the short term, we will ideally see support at 1.6526 protect the downside for the next rally above 1.6748 for the rally towards 1.7133.
Trading recommendation: We are long EUR from 1.5810 and we will move our stop higher to 1.6235. If you are not long EUR yet, then buy near 1.6526 and use the same stop at 1.6235.

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Technical analysis of EUR/USD for January 12, 2016

When the European market opens, no news will be released from the eurozone. However, the US will post some economic reports such as IBD/TIPP Economic Optimism, JOLTS Job Openings, and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility today.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0905.
Strong Resistance:1.0899.
Original Resistance: 1.0888.
Inner Sell Area: 1.0877.
Target Inner Area: 1.0852.
Inner Buy Area: 1.0827.
Original Support: 1.0816.
Strong Support: 1.0805.
Breakout SELL Level: 1.0799.

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Technical analysis of EUR/USD for Januari 13, 2016

When the European market opens, some economic news will be released such as German 10-y Bond Auction, Industrial Production m/m, and French CPI m/m. The US will release a series of economic data too such as Federal Budget Balance, Beige Book, 10-y Bond Auction, and Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.0889.
Strong Resistance:1.0883.
Original Resistance: 1.0872.
Inner Sell Area: 1.0861.
Target Inner Area: 1.0836.
Inner Buy Area: 1.0811.
Original Support: 1.0800.
Strong Support: 1.0789.
Breakout SELL Level: 1.0783.

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Daily analysis of GBP/USD for January 14, 2016

On H1 chart, GBP/USD is still doing a rebound above the support level of 1.4373, and we're watching very strong resistance around the 1.4464, where it has already formed some fractals that strengthen the bearish bias in a short and mid term basis. 200 SMA is still pointing to the downside and MACD indicator is entering negative territory, so we can expect a decline towards the 1.4309 level.

H1 chart's resistance levels: 1.4464 / 1.4555
H1 chart's support levels: 1.4373 / 1.4309

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.4373, take profit is at 1.4309, and stop loss is at 1.4437.

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Daily analysis of GBP/USD for January 18, 2016

On the H1 chart, GBP/USD is still working so well in our bearish outlook presented several articles ago, as the pair is trying to extend its decline towards the support zone of 1.4198. A breakout below there will expose the pair to test the level of 1.4080. The current structure is calling for more declines, but the MACD indicator starts to show oversold conditions.

H1 chart's resistance levels: 1.4309 / 1.4373
H1 chart's support levels: 1.4198 / 1.4080

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is seen at 1.4198, take profit is at 1.4080, and stop loss is at 1.4309.

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